The president of Venezuela Nicolás Maduro, announced on Thursday the creation of a such-called “youth bank” funded by the countries’ cryptocurrency Petro.
Being ahead of a contentious May 20 national election, he has already launched the project with an aim to appeal to younger population – about 20 million of Petros will be allocated. Maduro also took the chance to urge the population of the state, especially the countrymen, to keep on mining its digital money by creating mining farms.
President also noted that more than $1 billion in Petro will be used to support the normal functioning of the bank in a way which remains still unclear.
Maduro also claimed about looking into another cryptocurrency launch, this time backed by gold, even though the leader of the country is itself a divisive issue among branches of the government, such as the legislature.
U.S. President Donald Trump's administration prohibited all citizens of the country from buying Petro and taking part in any aspect of the Venezuelan cryptocurrency.
By Anastasia Bugaychenko